31 Jan 2011

Fletcher Building raises offer for Australian firm

2:50 pm on 31 January 2011

New Zealand's largest listed company, Fletcher Building, has raised its offer for Australian plumbing and building supplies firm Crane Group.

Fletcher Building already owns about 15% of the firm.

Crane rejected Fletcher Building's first offer, which included a cash component of $3.47 a share, as unfair and unreasonable.

Under the revised offer, which values Crane at $A788 million, Fletcher Building is offering $A3.50 and one its own shares for every Crane share it does not own.

Crane Group is now is recommending its shareholders accept the higher offer.